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AMCON Plans New Airline Holdco

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Asset Management Corporation of Nigeria (AMCON) is awaiting regulatory approval to launch a new holding company for aviation assets under its control, which would enable the state asset manager to exit the sector, according to Ahmed Kuru, MD/CEO of the corporation.

AMCON Plans New Airline Holdco

Kuru said AMCON had applied for an Air Operator’s Certificate (AOC) to establish a holding company that would collectively manage airlines currently under its management, including Arik Air (W3, Lagos), Aero Contractors (N2, Lagos), Afrijet Airlines (6F, Lagos) and another two undisclosed airlines, instead of AMCON managing them separately as at present.

“The strategic exit plan, is to float a holding company, warehousing all aviation assets for (an) easy sale,” he was quoted as saying.

AMCON’s start-up NG Eagle (XGE, Lagos) had branded aircraft waiting on the ground for the airline’s certification to be finalised, he said.

NG Eagle was incorporated on July 11, 2019, with a share capital of NGN1 billion (USD2.5 million), of which AMCON holds NGN499.9 million (USD1.2 million), with the rest held by private investors.

As previously reported, NG Eagle was said to be in the final AOC drive and had applied to use at least three B737NGs to operate domestic routes.

Asked for comment, Jude Nwauzor, AMCON spokesperson described the Nigerian news reports as speculative. “I do not have further information at the moment until we are through with a series of ongoing consultations for all our aviation assets,” he informed ch-aviation.

Kuru saved  that AMCON had saved Arik Air and Aero Contractors from collapse.

“Our intervention efforts in Arik Air with the support and collaboration of the federal government did a great service to the growth of the sector,” he said.

“A similar intervention at Aero Contractors also saved the airline from collapse. As a matter of fact, the Nigerian Civil Aviation Authority (NCAA) (has) certified Aero Contractors, which is under AMCON receivership, to commence C-check maintenance services on Boeing series in Nigeria. This is a commendable feat in Nigeria’s aviation industry and there are several other companies that we have saved,” he said.


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Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria

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Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.

Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria

Participants at the event

Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,

This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.

While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.

Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.

It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.

Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.

Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.

 

 

 

 

 

 

 

 

 


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As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply

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While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.

As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply

Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.

It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.

“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.

The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.

Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.


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President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman

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President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.

Jim Ovia

Jim Ovia

Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.

The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.

“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”

The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.

The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.

“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.

Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”


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